<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
Excelsior Income Shares, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
300723103
(CUSIP Number)
George W. Karpus, President
Karpus Management Inc., d/b/a
Karpus Investment Management
14 Tobey Village Office Park
Pittsford, New York 14534
(716) 586-4680
(Name, Address, and Telephone Number of Person Authorized to Receive Notices
and Communications)
December 4, 1997
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition which is subject of this Schedule 13D, and
is filing this schedule because of Rule 13d-1(b)(3) or (4),
check the following box. [x]
(Page 1 of 4)
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SCHEDULE 13D
CUSIP No. 300723103 Page 2 of 4 Pages
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1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Karpus Management, Inc. d/b/a Karpus Investment Management
ID# 16-1290558
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2. Check the Appropriate Box if a Member of a Group* (a) / /
(b) /X/
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3. SEC Use Only
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4. Source of Funds*
A7
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5. Check Box if Disclosure of Legal Proceedings is Required
Pursuant to Items 2(d) or 2(e) / /
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6. Citizenship or Place of Organization
New York
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7. Sole Voting Power
Number of 115,577 Shares
Shares -------------------------------------------------------------
Beneficially 8. Shared Voting Power
Owned by
Each
Reporting -------------------------------------------------------------
Person 9. Sole Dispositive Power
With
115,577 Shares
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10. Shared Dispositive Power
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11. Aggregate Amount Beneficially Owned by Each Reporting Person
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12. Check Box if the Aggregate Amount in Row (11)
Excludes Certain Shares* / /
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13. Percent of Class Represented by Amount in Row (11)
5.28%
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14. Type of Reporting Person*
1A
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7 2 of 7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
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ITEM 1 Security and Issuer
-------------------
Common Stock
Excelsior Income Shares, Inc. ("EIS")
73 Tremont Street
Boston, Massachusetts 02108-3913
ITEM 2 Identity and Background
-----------------------
a) Karpus Management, Inc. d/b/a/ Karpus Investment Management
("KIM")
George W. Karpus, President, Director, and controlling
stockholder
JoAnn Van DeGriff, Vice President and Director
Sophie Karpus, Director
b) 14 Tobey Village Office Park
Pittsford, New York 14534
c) Principal business and occupation - Investment Management for
individuals, pension and profit sharing plans, corporations,
endowments, trusts and others, specializing in conservative
asset management (i.e. fixed income investments).
d) None of George W. Karpus, JoAnn Van DeGriff or Sophie Karpus
(the "Principals") or KIM has been convicted in the past 5
years of any criminal proceeding as a result of which any of
them is subject to a judgment, decree or final order
enjoining future violations of or prohibiting or mandating
activities subject to, federal or state securities laws or
finding any violation with respect to such laws.
e) Each of the Principals is a United States Citizen.
KIM is a New York corporation.
ITEM 3 Source and Amount of Funds or Other Considerations
--------------------------------------------------
KIM, an independent investment advisor, has accumulated 115,577
shares of EIS on behalf of accounts that are managed by KIM ("the
Accounts") under limited powers of attorney which represents
5.28% of the outstanding shares. All funds that have been
utilized in making such purchases are from such accounts.
ITEM 4 Purpose of Transaction
----------------------
KIM has purchased Shares for investment purposes. Being primarily
a conservative, fixed income manager, with a specialty focus in
the closed end fund sector, the profile of EIS (being a
conservative investment grade fund) fit the investment guidelines
for various Accounts.
ITEM 5 Interest in Securities of the Issuer
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a) As of the date of this Report, KIM owns 115,577 shares which
represent 5.28% of the outstanding Shares. Karpus Investment
Management Profit
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Sharing Plan purchased 100 shares at $16.125 on June 29, 1995
and 400 shares at $16.125 on June 30, 1995. None of the
Principals presently own shares.
b) KIM has the sole power to dispose of and to vote all such
Shares under limited powers of attorney.
c) Open market purchases or sales in the last 60 days for the
Accounts.
Price
Date Shares Per Share
---------------------------------------------------
11-11-97 2,500 $16.25
There have been no dispositions and no acquisitions, other than
by such open market purchases or sales, during such period.
The Accounts have the right to receive all dividends from, and
any proceeds from the sale of, the Shares. None of the Accounts
has an interest in Shares constituting more than 5% of the Shares
outstanding.
ITEM 6 Contracts, Arrangements, Understandings, or Relationships with
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Respect to Securities of the Issuer.
------------------------------------
Except as described above, there are no contracts, arrangements,
understandings or relationships of any kind among the Principals
and KIM and between any of them and any other person with respect
to any of the EIS Securities.
ITEM 7 Materials to be Filed as Exhibits
---------------------------------
Not applicable.
Signature
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Karpus Management, Inc.
December 4, 1997 By: /s/ George W. Karpus, President
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Date Signature
George W. Karpus, President
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Name/Title
